MSMEs Issues and Prospectus of Uttarakhand: A Conceptual Investigation with Special Reference to COVID-19

Abstract

Small and medium businesses are considered to be one of the most important drivers of economic growth in most economies throughout the world. Micro, Small and Medium Enterprises (MSMEs) are considered to be the main drivers of economic growth in India, and the sector fosters a balanced regional growth. The MSME sector plays a vital role in Uttarakhand’s production, investment and job creation. The sector is helping in mitigating the problem of migration and underutilisation of natural resources. This article focuses on analysing the current status and the problems faced by MSMEs in Uttarakhand. The research also examines the state’s MSMEs before and during the COVID-19 pandemic. The sector faces a new set of issues as a result of COVID-19. The study also looks at government support for the business during the COVID-19 pandemic. An extensive literature survey of different research papers, articles and government reports has been done to identify problems and incentives available to MSME units operating in the state. The current incarnation of the MSME sector in Uttarakhand is investigated using descriptive analysis. The article concludes that despite various incentives the MSME sector is facing various challenges in the state which need to be addressed for smooth functioning of the sector.